A house in receivership

Lone Star

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A house very nearby was rented out, tenants left a year ago, they owe significant arrears. Property was built in 2007 by a small building contractor who along with a building partner retained the property as a rental. It has come under receivership (possibly with other properties). Receiver is Tom O'Brien. The locks had been changed several months back, a letter on front door from a property management company gave contact details. Owing to a change in circumstances we contacted the company recently with an expression of interest - they replied to say they no longer managed the property - and no more details than that were forthcoming. Advice welcome on how to go about buying the property, could we approach the receiver - or is it a case of wait until the matter in dealt with in full via the courts and the property is advertised for sale - meanwhile the weeds are growing and another season of damp ahead if it continues to be left unoccupied.
 

Lone Star

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Spoke with the Receiver's case manager today; they welcomed an offer. Identical house to our own, not in as good a condition, and very awkward parking for anyone else who buys it with the exception being if we bought it. (we and the other house share the main access gate and they would always have to either reverse in from or reverse out onto a busy main road just about 5 car lengths above a set of traffic lights. Our thinking is to go in at an offer of 250 to 280, our house valued a while back at 325. Thoughts welcome!
 

Leo

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Thoughts welcome!
I'd have thought awkward parking was very unlikely to make that significant a difference to the value, but location will be a factor. Look at recent sales in the area and look at the price ranges achieved, you may be able spot something with similarly challenging parking.
 

Lone Star

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Thanks Leo. Offer made following consultation with our estate agent and the valuation this morning!
 
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Lone Star

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UPDATE: offer made in July. Heard nothing - contacted receiver again a fortnight ago - they replied to say that their client has not yet made a decision. We now know who the bank is - would the hold up be the legalities? We're wondering how long it could take - meanwhile the property is getting damp - all services have been cut off - rubbish very evident from the last tenants - also weed build up/overgrown trees - would getting it on the derelict register move things along? The bank have a number of properties belonging to the owner in receivership. Suggestions most welcome.
 

Leo

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would getting it on the derelict register move things along?
Damp and an overgrown garden are likely still a little shy of qualification as a derelict site. The receiver would be allowed appeal and this might just drag things out further.

Once declared derelict, is there a requirement for planning permission to be obtained in order to occupy the property again?
 

Lone Star

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I'd have to check out any planning problems. Ah - it might stymie the whole matter. Patience is a virtue - but it has been vacant now for well over a year. I've see one in another county registered as derelict and is as similar a tidy/untidy a state- although it was vacant for 7 years. The county this property is in is much stricter. I'm just trying to get a handle on how long it might be left idle for - if it's going to be more than a year again we'd be as well to move as we need the space. Could the original owner still query/appeal the house being under receivership? Maybe this is part of the hold up in any movement.
 

Lone Star

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We want to install an electric motor on the shared entrance gate to the road - I've mentioned this to the receiver and they've made no reply.
 

Leo

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That's one of the common frustrations with receiver sales, it's not their money, so they never have the same sense of urgency as you do.
 

Lone Star

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I might approach the bank themselves - not sure though if it was sold on to a vulture fund though.
 

cremeegg

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If a receiver has been appointed it has nothing to do with the bank.

Receivers taking forever is nothing new. They may have considerations, maybe relating to other properties you nothing about.
 

Lone Star

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cremeegg:
The receiver replied to me to say that their client had not yet made a decision - I took the client to be the bank? There are other properties elsewhere, and one that is rented out on the same site.
 

cremeegg

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While it may be that the receiver discusses matters with the bank, the bank no doubt puts lots of business their way, legally a receiver is in control of the property and must deal with it to meet their legal obligations. The bank has no input.
 

NoRegretsCoyote

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@Lone Star

How long is it unoccupied?

The Derelict Sites Act is very vague and it seems to be up to the local authority, and probably how hard you push them, to get it listed.

An attentive councillor could help you out here.
 

Lone Star

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At this stage around 14 months at least. Notice was served on the tenants in November 2017. It's tatty outside and it could be pushed based on what I have seen in another county - but I could be cutting off my nose in doing so....We just want to buy the place and make one decent size family home out of the two and the privacy that would come with it. I clean up the front of it from time to time as it's unsightly.
 

DeeKie

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You can probably find out the owner bank or fund by looking up the register. I’d write to the receiver, copy the bank and ask for a prompt response as you are considering other options.
 
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